Artificial Intelligence Revolutionizing World Energy Market
With a rapidly increasing number of companies using some form of artificial intelligence (AI), such as big data automation, predictive/prescriptive analytics, machine learning, expert systems, neural networks, interactive voice response technologies, and avatar technologies, in their business models, artificial intelligence is forecast to disrupt all industries. With only a small percentage of businesses not yet using or not even planning to utilize artificial intelligence in any way, some opinions state that within a decade from now, managers not using AI will be replaced by those who do. (Infosys 2017; HBR 2017).
The main reasons for applying various forms of AI, as the findings of the study “Amplifying Human Potential: Towards Purposeful Artificial Intelligence” reveal, were:
- Automation of IT processes
- Automate business processes
- Increase innovation
- Improve employee knowledge and skills
- Increase employee productivity
- Improve decision-making
- Increase revenues
- Save costs
- Improve go-to-market time
- Improve customer experience
As Franklin Wolfe writes in How Artificial Intelligence Will Revolutionize the Energy Industry, a special edition on Harvard University´s blog on August 28, 2017, artificial intelligence and the energy sector are becoming more and more interconnected, whereby choosing a career path in either of these sectors does not necessarily signify excluding the other. Phil Goldstein, on the other hand, writes in his article in BizTech on October 25, 2017 that AI can support the energy industry in many ways: in improving energy efficiency, predicting possible blackouts and failures, and even support human beings in detecting completely new sources of energy. (BizTech 2017; Harvard University 2017).
According to technology research and advisory firm Gartner, 85% of all customer interactions will be managed without a human by 2020. Global Energy Business BP already explores how performance in the oil and gas industries can be improved with the help of artificial intelligence. According to technology expert Walker at BP, AI algorithms i.e. processes are about to transform how BP optimizes its operations. (BP 2016).
Learn more by watching Stanford Graduate School of Business´s video “Andrew Ng: Artificial Intelligence is the New Electricity”:
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